ALNA - Allena extends losses on plans to end trial for lead asset and financial concerns

Late-stage biotech, Allena Pharmaceuticals (NASDAQ:ALNA), continues to trade lower with a decline of ~36% in the pre-market Monday after the company announced its decision to discontinue a Phase 3 trial for the lead candidate reloxaliase and highlighted its financial constraints. Following a statistical analysis on unblinded data from the URIROX-2 Trial for reloxaliase in enteric hyperoxaluria, the management has decided to terminate the study. However, subject to negotiations with the contract research organization on payments, Allena (ALNA) says it plans to advance two mid-stage trials for ALLN-346 in the treatment of hyperuricemia. “However, the company has limited financial resources, and there can be no assurance that these trials will be completed, or if completed, that they will be successful,” Allena (ALNA) said in a regulatory filing. However, the failure to obtain sufficient funds on favorable terms “may have a material adverse effect on the company’s business, results of operations and financial

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Allena extends losses on plans to end trial for lead asset and financial concerns